CEO of Sony Entertainment leaving for Snapchat

by Lawrence Cooper January 17, 2017, 0:06
CEO of Sony Entertainment leaving for Snapchat

Sony confirmed that Sony Entertainment CEO Michael Lynton will leave the company on February 2 and take on the role of Chairman of the Board at Snap, the company that runs Snapchat.

Lynton, 57, will stay in his role for six months as he works alongside Sony (SNE) Corporation CEO, Kazuo Hirari, to find a replacement, the company said.

Lynton, in a 13-year vocation at Sony, regulated hit motion pictures including "The Social Network" and James Bond film "Skyfall", however the studio has fell behind rivals in film industry share and enormous hits over the previous year.

Lynton will instead become the chairman of the board of directors of Snap Inc., the parent company of the popular social media application Snapchat, in which he was an early investor. In April previous year, he was appointed CEO of Sony Corporation in charge of Pictures and Music businesses.

Snap, the proprietor of the famous Snapchat application, is relied upon to go public at the start of this year, competing for a $25 billion valuation. "As we look ahead, we see our entertainment businesses as essential parts of Sony, and I look forward to working with Michael towards a smooth transition". The announcement was made on Friday.

That process is also expected to result in a little restructuring within Sony's American business, which could well result in the music firms being split off from movies and TV.

He added: "I leave Sony with great pride".

As some of you are already aware, I have been involved with Snapchat since its early days.

This resulted in significant embarrassment at the company, with Pascal losing her job and a raft of movies, unreleased at the time, leaking onto the internet. According to the stats claimed by the app about 150 million daily active users are using the application that include 50 million in Europe.

Naturally, Michael Lynton´s new position is extremely important, given the fact that Snapchat is now the most popular social media for young users, which is something that its most important rivals has tried to break, without managing to decrease these statistics.

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